Frédéric Filloux over the Monday Note blog gives a detailed publishing industry view of the problems with Apple's new subscription program. Worth a full read.

The least acceptable part of Apple subscription policy is the impossibility for a publisher to propose a cheaper subscription elsewhere. This is probably the most legally challengeable aspect of the newer terms of service. It goes against one of the most basic laws of retail: prices reflect the cost of the distribution platform. The Korean convenience store open 24/7 is more expensive than WalMart. In itself, this restriction could be the main motive for publishers to quietly exit an overly constraining App Store.